Common use of Additional Repayment Terms Clause in Contracts

Additional Repayment Terms. [This Contract will be repayable prior to the Stated Maturity Date at the option of the Owner on the Optional Repayment Dates specified above at the Optional Repayment Price specified above, together with accrued interest to the applicable Optional Repayment Date. Unless otherwise specified on the face hereof, in order for this Contract to be so repaid, Protective must receive, at least 25 but not more than 60 days prior to an Optional Repayment Date, either (i) this Contract with a letter from the Owner setting forth the Deposit hereof, the Deposit to be repaid, the Contract Number hereof and a statement that the option to elect repayment is being exercised thereby or (ii) a telegram, telex, fax or letter from the Owner setting forth the Deposit hereof, the Deposit to be repaid, the Contract Number hereof, a statement that the option to elect repayment is being exercised thereby and a guarantee that this Contract will be received by Protective not later than five Business Days after the date of such telegram, telex, fax or letter. Exercise of this repayment option shall be irrevocable. The repayment option may be exercised by the Owner of this Contract with respect to less than the Deposit then outstanding provided that the Deposit of the Contract remaining outstanding after repayment is an authorized denomination of the Notes.]

Additional Repayment Terms. [This Contract will be repayable prior to the Stated Maturity Date at the option of the Owner on the Optional Repayment Dates specified above at the Optional Repayment Price specified above, together with accrued interest to the applicable Optional Repayment Date. Unless otherwise specified on the face hereof, in order for this Contract to be so repaid, Protective must receive, at least 25 but not more than 60 days prior to an Optional Repayment Date, either (i) this Contract with a letter from the Owner setting forth the Deposit hereof, the Deposit to be repaid, the Contract Number hereof and a statement that the option to elect repayment is being exercised thereby or (ii) a telegram, telex, fax or letter from the Owner setting forth the Deposit hereof, the Deposit to be repaid, the Contract Number hereof, a statement that the option to elect repayment is being exercised thereby and a guarantee that this Contract will be received by Protective not later than five Business Days after the date of such telegram, telex, fax or letter. Exercise of this repayment option shall be irrevocable. The repayment option may be exercised by the Owner of this Contract with respect to less than the Deposit then outstanding provided that the Deposit of the Contract remaining outstanding after repayment is an authorized denomination of the Notesdenomination.]